How Shopify and Meta are diving deeper into banking
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Amid data that shows banks are falling behind in the race to support embedded finance, Shopify is expanding its ability to place checkout close to its clients' digital storefronts. Shopify, which offers payments and other services to merchants as an alternative to banks, has closely aligned with Muse, Meta's private AI agent, which launched earlier this month, to support shopping and payout. "Agentic commerce really excites us. The agents don't have the same challenges as humans," Rohit Mishra, Shopify's vice president of product, told American Banker. "The AI agents have more context and they can find more products much faster." Muse scours Shopify's catalog to find the best fit for a shopper's AI prompt and then supports checkout through the Universal Commerce Protocol, which guides AI-powered shopping and checkout. This means Shopify merchants are discoverable and purchasable in Muse by default, with product data flowing through Shopify Catalog, according to Shopify. The Universal Commerce Protocol is a Google-affiliated set of standards that are interoperable with AI from Perplexity, Gemini, ChatGPT and other products. The standards are designed to vet agents, to ensure intent and make it easier for AI agents to communicate. "Agents can act end to end on their own," Mishra said. Meta did not return a request for comment. Meta Muse is designed as an AI assistant to aid...
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